Volkswagen Posts €3.5 Billion Loss As Emission Crisis Bites

Volkswagen AG on Wednesday posted an operating loss of 3.5 billion euros ($3.86 billion) in the third quarter as the car maker was hit by charges related to its emission-test scandal. Analysts had expected a €3.26 billion operational loss, according to the Guardian. Volkswagen said earnings were impacted by €6.7 billion in charges "for forthcoming measures relating to the diesel issue." That means the company has set aside an extra €200 million to cover costs related to the scandal, on top of the €6.5 billion previously announced charges. "The Volkswagen Group has very solid and robust liquidity resources. This will help us manage the challenging situation caused by the financial impact of the diesel issue", said Chief Financial Officer Frank Witter in the earnings release. Revenue for the quarter rose 5% to €51.5 billion. Shares of Volkswagen were up 2% in early European trade.